CALGARY, ALBERTA--(Jan. 2, 2009) - Further to previous news releases by Torch River Resources Ltd. ("Torch" or the "Corporation") with respect to the option agreement, as amended, (the "Option Agreement"), between the Torch and Red Bird Resources Ltd. ("Red Bird") Torch wishes to confirm that as of May 31, 2008 Torch became the legal and beneficial owner of a non-transferable 25% undivided interest in the Red Bird Property.
The Option Agreement contains provisions allowing Torch to earn the remaining 75% interest in the Red Bird Property subject to certain consideration being paid to Red Bird including cash payments, share issuances and work program commitments. Under the Option Agreement, Torch was required to complete a $4,000,000 cash payment (the "Cash Payment") to Red Bird on or before December 31, 2008. Given current market conditions and the cash position of the Corporation, management was recently forced to make the difficult decision that it was in the Corporation's best interests not to complete the Cash Payment on or before December 31, 2008.
Torch wishes to confirm that as of the date of this news release the Option Agreement has not been terminated.
Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.
For all Torch River investor relations needs, investors are asked to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to tcr@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
FOR FURTHER INFORMATION PLEASE CONTACT:
Torch River Resources Ltd.
Donald G. Snyder
Chairman
(403) 444-6888
or
ProActive Communications Co.
Local Vancouver: (604) 541-1995 or Toll Free: 1-800-540-1995
